Renters insurance may seem like another unneeded expense. But it actually covers more than many people realize. And its benefits far outweigh its cost.

Cost

The average renter’s insurance is about $15-$30 a month. That’s as much as buying a Starbucks coffee four times a month. That’s it. It’s about a dollar per day or less.

Coverage

Your landlord’s insurance doesn’t cover everything, like your own possessions. Renter’s insurance typically covers your property when it’s stolen by thieves or damaged by disasters. Be sure to photograph your possessions and take inventory of everything you’d want replaced if the unexpected happened. This will speed up the process should anything occur. Plus it’ll give you peace of mind. In a time of misfortune, the last thing you’ll want to do is count up all the things you lost.

Protection

It may protect you if somebody gets hurt at your property. Accidents happen, especially in the winter months when ice accumulates. If you are legally responsible for a guest’s injury, renters insurance may help pay the bills.

But it doesn’t only cover injuries and possessions. A dead tree limb can significantly damage your roof. If your house is uninhabitable due to damage, renters insurance could pick up the bill for your living expenses during repair time. Make sure you’re covered.